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American Coastal Insurance Corporation Announces the Sale of its Personal Lines Subsidiary, Interboro Insurance Company

1. ACIC completed the sale of Interboro Insurance for $26.4 million. 2. The sale aligns ACIC with its strategic focus on commercial residential property. 3. ACIC aims to enhance shareholder value through concentrated efforts. 4. Reconciliation of the purchase price will occur within 30 days. 5. ACIC maintains strong financial ratings, enhancing investor confidence.

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FAQ

Why Bullish?

The strategic divestment improves financial focus, similar to past successful restructurings.

How important is it?

The strategic sale enhances ACIC’s market focus, influencing investor perception positively.

Why Long Term?

The transformation into a specialty insurer may enhance market position over time.

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FORZAMRISC
April 01, 2025 16:15 ET  | Source: American Coastal ST. PETERSBURG, Fla., April 01, 2025 (GLOBE NEWSWIRE) -- American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”), the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced today that it has completed the previously announced sale of Interboro Insurance Company (“Interboro” or “IIC”) to Forza Insurance Holdings, LLC (“Forza”). The Company received approximately $26.4 million in cash from Forza based on the generally accepted accounting principles (“GAAP”) estimated equity of IIC as of the closing date. The Company and Forza will reconcile the purchase price within approximately 30 days, based on the finalized GAAP equity of IIC as of April 1, 2025. “The sale of Interboro formally completes our strategic transformation into a specialty insurer focused on underwriting commercial residential property insurance. All of our capital and human resources are now fully focused on our core business, and we expect our market leadership will continue to drive exceptional value for our shareholders.” said Brad Martz, President & Chief Executive Officer. Raymond James & Associates acted as exclusive financial advisor to American Coastal and Debevoise & Plimpton LLP served as legal counsel to American Coastal in connection with this transaction. About American Coastal Insurance Corporation:American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll. Contact Information:Alexander BatyVice President, Finance & Investor Relations, American Coastal Insurance Corporationinvestorrelations@amcoastal.com(727) 425-8076 Karin Daly Investor Relations, Vice President, The Equity Groupkdaly@equityny.com(212) 836-9623

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